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A community interest company (CIC, pronounced "see-eye-see", or colloquially, "kick") is a form of social enterprise in the United Kingdom intended "for people wishing to establish businesses which trade with a social purpose..., or to carry on other activities for the benefit of the community".[1]
CICs were introduced by the UK government in 2005 under Part 2 of the Companies (Audit, Investigations and Community Enterprise) Act 2004. They enjoy the flexibility and certainty of the company form, but with statutory provisions to ensure they are working for the benefit of the community. The Regulator of Community Interest Companies provides oversight, which is intended to be "light touch".[2]
CICs have proved popular, with some 10,000 registered in the first ten years of the status being available.[3] CICs tackle a wide range of social and environmental issues and operate in all parts of the economy. By using business methods to achieve public good, it is believed that CICs have a distinct and valuable role to play in helping create a strong, sustainable and socially inclusive economy.[4]
- ^ Regulator of Community Interest Companies (2016). Office of the Regulator of Community Interest Companies: Information and guidance notes. Chapter 1: Introduction (PDF). Department for Business, Energy & Industrial Strategy. p. 8.
- ^ Regulator of Community Interest Companies (2016). Office of the Regulator of Community Interest Companies: Leaflets. Information Pack (PDF). Department of Business, Energy & Industrial Strategy. p. 5.
- ^ "The rise and rise of the community interest company". Third Sector. 1 June 2015. Retrieved 30 September 2015.
- ^ Bounds, Andrew (9 July 2013). "Social enterprises seen as the driver for growth". Financial Times. Archived from the original on 11 December 2022. Retrieved 30 September 2015.